JNKE.L vs. SMH

Last updated Jun 5, 2026

JNKE.L (SPDR Bloomberg Euro High Yield Bond UCITS ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - JNKE.L is a European High Yield Bonds fund tracking the Bloomberg Pan Euro HY Euro TR EUR, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, JNKE.L returned 3.10%/yr vs 37.04%/yr for SMH. At a 0.27 correlation, their price movements are largely independent. JNKE.L charges 0.40%/yr vs 0.35%/yr for SMH.

Performance

JNKE.L vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Bloomberg Euro High Yield Bond UCITS ETF (JNKE.L) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JNKE.L is traded in EUR, while SMH is traded in USD. To make them comparable, the SMH values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, JNKE.L achieves a 1.14% return, which is significantly lower than SMH's 76.24% return. Over the past 10 years, JNKE.L has underperformed SMH with an annualized return of 3.10%, while SMH has yielded a comparatively higher 37.04% annualized return.

JNKE.L

• 1D: 0.08%
• 1M: 0.42%
• YTD: 1.14%
• 6M: 1.57%
• 1Y: 3.53%
• 3Y*: 6.63%
• 5Y*: 2.49%
• 10Y*: 3.10%

SMH

• 1D: 0.00%
• 1M: 15.46%
• YTD: 76.24%
• 6M: 73.14%
• 1Y: 146.82%
• 3Y*: 59.13%
• 5Y*: 40.05%
• 10Y*: 37.04%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JNKE.L vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNKE.L SPDR Bloomberg Euro High Yield Bond UCITS ETF	1.14%	5.01%	5.84%	11.68%	-10.56%	2.88%	1.85%	10.51%	-4.34%	4.97%
SMH VanEck Semiconductor ETF	61.29%	31.47%	48.28%	68.18%	-29.41%	52.76%	42.71%	68.17%	-4.78%	21.46%

Correlation

The correlation between JNKE.L and SMH is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 13, 2012	0.27

JNKE.L vs. SMH - Sectors Allocation Comparison

Sectors	JNKE.L	SMH
Consumer Cyclical	12.9%	-
Communication Services	5.4%	-
Industrials	4.5%	-
Technology	3.4%	100.0%
Real Estate	2.3%	-
Basic Materials	1.1%	-
Healthcare	1.0%	-
Financial Services	0.8%	-
Consumer Defensive	0.5%	-
Utilities	0.4%	-
Energy	0.4%	-

Return for Risk

JNKE.L vs. SMH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JNKE.L

JNKE.L Risk / Return Rank: 20
JNKE.L Sharpe Ratio Rank: 16
JNKE.L Sortino Ratio Rank: 15
JNKE.L Omega Ratio Rank: 23
JNKE.L Calmar Ratio Rank: 15
JNKE.L Martin Ratio Rank: 28

SMH

SMH Risk / Return Rank: 94
SMH Sharpe Ratio Rank: 96
SMH Sortino Ratio Rank: 90
SMH Omega Ratio Rank: 92
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JNKE.L vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Euro High Yield Bond UCITS ETF (JNKE.L) and VanEck Semiconductor ETF (SMH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	JNKE.L	SMH	Difference
Sharpe ratio: Return per unit of total volatility	0.44	4.86	-4.42
Sortino ratio: Return per unit of downside risk	0.69	4.96	-4.27
Omega ratio: Gain probability vs. loss probability	1.16	1.68	-0.52
Calmar ratio: Return relative to maximum drawdown	0.47	11.96	-11.50
Martin ratio: Return relative to average drawdown	3.85	41.83	-37.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JNKE.L vs. SMH - Sharpe Ratio Comparison

The current JNKE.L Sharpe Ratio is 0.44, which is lower than the SMH Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of JNKE.L and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JNKE.L	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	4.86	-4.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	1.17	-0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	1.15	-0.70
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.79	-0.11

Drawdowns

JNKE.L vs. SMH - Drawdown Comparison

The maximum JNKE.L drawdown since its inception was -25.52%, smaller than the maximum SMH drawdown of -56.36%. Use the drawdown chart below to compare losses from any high point for JNKE.L and SMH.

Drawdown Indicators

	JNKE.L	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-25.52%	-56.36%	+30.84%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-12.35%	+5.23%
Max Drawdown (3Y) Largest decline over 3 years	-7.12%	-36.90%	+29.78%
Max Drawdown (5Y) Largest decline over 5 years	-16.25%	-36.90%	+20.65%
Max Drawdown (10Y) Largest decline over 10 years	-25.52%	-36.90%	+11.38%
Current Drawdown Current decline from peak	-0.13%	-1.76%	+1.63%
Average Drawdown Average peak-to-trough decline	-2.24%	-11.16%	+8.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	3.52%	-2.66%

Volatility

JNKE.L vs. SMH - Volatility Comparison

The current volatility for SPDR Bloomberg Euro High Yield Bond UCITS ETF (JNKE.L) is 1.15%, while VanEck Semiconductor ETF (SMH) has a volatility of 10.24%. This indicates that JNKE.L experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNKE.L	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	10.24%	-9.09%
Volatility (6M) Calculated over the trailing 6-month period	7.35%	23.49%	-16.14%
Volatility (1Y) Calculated over the trailing 1-year period	7.53%	30.40%	-22.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.35%	34.27%	-27.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	32.45%	-25.49%

JNKE.L vs. SMH - Expense Ratio Comparison

JNKE.L has a 0.40% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

JNKE.L vs. SMH - Dividend Comparison

JNKE.L's dividend yield for the trailing twelve months is around 5.35%, more than SMH's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JNKE.L SPDR Bloomberg Euro High Yield Bond UCITS ETF	5.35%	5.48%	5.85%	4.95%	3.47%	2.91%	3.14%	3.08%	2.87%	3.57%	3.58%	3.92%
SMH VanEck Semiconductor ETF	0.19%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both JNKE.L and SMH in my portfolio?

JNKE.L and SMH have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JNKE.L or SMH?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JNKE.L or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.40% for JNKE.L.

What is the main difference between JNKE.L and SMH?

JNKE.L is categorized as European High Yield Bonds, while SMH is Semiconductors. JNKE.L tracks Bloomberg Pan Euro HY Euro TR EUR, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.40% for JNKE.L and 0.35% for SMH.